Investment supports modernization of fish plant

May 12, 2017

May 12, 2017, TRACADIE (GNB) – The provincial government is investing $555,000 in McGraw Seafood to support the company’s plans to modernize their facilities.

“Your government understands how important job creation and economic growth are for all New Brunswickers from all regions of New Brunswick,” said Premier Brian Gallant. “The seafood industry contributes significantly to our economy. Through this investment, we are increasing McGraw Seafood’s ability to compete in the international market.”

The fish plant, in operation since 1973, has been owned by the Elsipogtog First Nation since 2008. Its main production is crab for the Japanese and American markets, and herring roe for the Japanese market.

“New Brunswick has some of the world’s best seafood products,” said Environment and Local Government Minister Serge Rousselle. “I commend McGraw Seafood for their decision to modernize as this will give them a competitive advantage and will help move New Brunswick forward.”

Opportunities NB is providing a $305,000 non-repayable contribution and a $250,000 loan guarantee through the Regional Development Corporation towards the $2.9 million modernization project.

“McGraw Seafood is pleased and very satisfied with the collaboration and financial support of the Government of New Brunswick as part of the company’s plans to modernize the Tracadie fish plant,” said Gilles Thériault, executive director of the fish plant. “We want to honour Elsipogtog by making McGraw Seafood a model of collaboration between Acadians and Mi'kmaq.”

These investments were expected to assist in maintaining 150 seasonal jobs at McGraw Seafood, but, with additional hiring, will now maintain 200 positions. The project will also increase efficiency and product quality while reducing operating costs, helping the company to compete in the growing global seafood market.

Opportunities NB is a Crown corporation that seeks to attract and support opportunities to grow the economy and create jobs. It provides support services for businesses across the province.